Geron (GERN.US), US biotechnology company, is surging almost 100% today! Share price surge comes in response to US Food and Drug Administration (FDA) advisory panel approving company's anemia drug candidate, Imetelstat. FDA panel voted 12-2 in favor of the drug, saying that its benefits of Imetelstat outweigh risks for the targeted patient population. While final approval from FDA is expected by June 16, 2024, FDA often follows recommendations of advisory panels.
While FDA is not obliged to follow advisory panel recommendations, a strongly positive 12-2 vote results shows that there is a very high chance of regulatory approval in June.
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Open account Try demo Download mobile app Download mobile appTaking a look at Geron chart (GERN.US) at D1 interval, we can see that today's surge is indeed massive. Stock bounced off the $1.70 support zone and rallied to the highest level since mid-June 2023. Advance has been halted at the $3.40 resistance zone, marked with local highs from the first half of 2023. Nevertheless, even after today's surge the stock is trading over 50% below its all-time highs from September 2018.
Source: xStation5
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